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"All" Chinese Bitcoin Exchanges Must Close By September 30

17 September, 2017, 01:12 | Author: Kristen Ingram
  • TheMerkle Bitcoin Price BTCC

Chinese exchanges were told by authorities to immediately notify users of their closure, and to stop allowing new user registrations as of Friday, according to a government notice.

Sen said the fiat cryptocurrency was a digital currency that would be issued by the RBI in place of the physical one that was being used at present, according to the Economic Times.

While a United States cryptocurrency ban isn't likely, we are likely to see increased regulatory scrutiny of the cryptocurrency economy-especially from the Securities and Exchange Commission. The Chinese government is building a cottage industry for mining that will leverage bitcoin and other cryptocurrencies.

The Leading Group has also ruled that the exchanges were trading without a licence, although a licence has not been required by the authorities up until this point.

Beijing-based platforms OkCoin and Huobi, which are among China's biggest exchanges, said late on Friday that they planned to stop yuan-based trading by October 31. Btcc announced that "Btcchina will completely shut down its exchange businesses on September 30th", the company tweeted.

"They can become a tool for illegal fund flows and investment deals".

Bitcoins are meant to serve as an alternative for normal currencies and is not controlled by any country or central bank, making it an easy way for people to do business beyond the reach of government regulation.

Digital currencies are being developed by authorities such as the Chinese central bank, while tokens were stateless and did not have sovereign support.

Predictions for an eventual resumption haven't done much to comfort bitcoin traders.

An expert in bitcoin at Westminster Business School, David Coker said it was surprising that Dimon attacked bitcoin as JP Morgan was working on its own cyrptocurrency called Quorum. Chinese business news magazine Caixin estimates that Chinas share of total global bitcoin tradingvolume peaked at around 90 percent. This corresponded with an instant upswing in crypto markets with Bitcoin alone gaining $400 in just minutes.

Cryptocurrency is a new market, and governments are still struggling to figure out how to regulate this new store of value.

But thanks to this more diversified market, and in context, still limited action, it stands to reason that the regulatory interventions of a single country (even the world's most populous country) should have less impact on the bitcoin price over the long term.

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